Indian textile industry to stitch business worth $ 220bn by 2020

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Textile in India spinning yarns of profit

Indian-textile-industryThe Indian textile industry contributes for about 30% of the total export volumes of India. It has a stamping share of 14% of the overall industrial production and involves a vast number of workers from all backgrounds of the nation. The industry is believed to be amongst the two oldest occupations in India, just being second to agriculture. According to a research finding, experts trust that people from ancient civilizations such as the Harrapan period had expertisted the skills of weaving and spinning cotton. This makes the occupation a grand old one, around 4,000 years old.

However, the present day industry is all about newness and advanced technologies making the production lines innovative and sustaining the bottleneck competition on a global front.

NUMBERS from the Indian Textile Industry:

The Indian textile industry houses around 35 million employees making it the second largest industry in the nation. According to a market research, the industry was pegged at $ 55 billion for the annual of 2009-2010. The domestic demands had a colossal share of 64% of this total production, going by the survey; there were over 2,500 textile weaving factories and more than 4,100 finishing centers all around India as per the data available till 2010.

The country’s second largest sector has a strong share in the overall economy as it contributes around 14% of the manufacturing value-addition., it makes up for 1/3rd of the gross export earnings and provides jobs to millions in the copiously populated country. Textile industry accounts to a chunk of 21% employment in the country; however this is just the direct source. The indirect source of employment such as people managing the agricultural activities like production of cotton and handling the post production processes accumulate another 60 million jobs.

Info from the Market Research:

As per a market research, the current industry is worth a whopping $ 90 billion and is sure to witness an increase in that number as it is on track on a positive phase. According to the Federation of Indian Chamber of Commerce and Industry (FICCI), the Indian textile industry is expected to rise annually to a worth of $ 145.6 billion by the end of 2023, whereas it was valued at $ 21 billion for the year 2012.

Future trends:

As per the 12th Fifth year plan of the Indian government, the segment is ought to create 15 million new jobs by 2016-2017 and going by that tally it is likely to produce 30 million additional jobs by 2030. Therefore, this is one industry which is known as a labor intensive sector. There is a projection of adding 20 million extra jobs by the year 2023 and raising the current count of 45 million to 65 million.

The sector is hugely depended on cotton as it covers a major share of 65% of the total raw materials used. The governing associations in the industry have pushed for better facilities and schemes from the government for further betterment. The government in turn has formed impressive foreign investment promotional schemes that bring in fresh cash flow from all over the globe and increase the ventures in textiles both in the forms of machineries and clothing.